Buying a home is always an exciting thing, but it's still an anxious time. So much can happen...what will the home inspection turn up? What will the seller's be willing to fix? Just how old is that HVAC and the roof for that matter? Will it appraise? So it's no wonder that in the Summerville, SC area where there are a lot of new developments going in, a lot of folks choose to buy new and eliminate some of that guesswork.
You pick your lot, you pick your cabinets, flooring, colors...and you sit back and wait to just move right in to that brand new house. And these days with the market as it is, home builders are more willing to negotiate on the price, on upgrades and are just about always will consider paying some or all of your closing costs.
Seems like an easy proposition for the home buyer. But there are things to consider when buying a new home that are a bit different than when you purchase a resale.
What upgrades are worth paying for?
When you buy a resale home, it pretty much comes as it is. If you don't like the light fixtures, you know you'll be the one who's going to go shopping and swap them out. If you don't like the wall color, you'll be the one doing the repainting or stripping the wallpaper. There's an understanding that you might have to do some remodeling or redecorating to make the home your own.
In a new build, you typically get to pick certain features. (Unless you're building custom, you'll be limited to the choices the builder gives you and you may not be able to make some changes such as moving walls or other structural things) Should you put a ceiling fan in each bedroom? Do you need a cable jack in every room? We live in the South, do we really want that fireplace? And it's further complicated by the fact that for many items, you'll be paying extra for it. Even something as minor as adding an extra electrical outlet in the kitchen can cost you more.
What I always tell my buyers is this...think about resale value in case you ever need to sell down the line, but also consider putting in and paying for the things that are not easily added later. A good example is that fireplace. Yes, we live in South Carolina, but the truth is that the fireplace is a nice feature that a lot of people want. Whether they use it or not, it becomes a focal point in the room. And a lot of the newer homes have gas fireplaces that are cleaner and easier to use. This isn't something you can add later without a lot of aggravation and expense so it's worth it to do it now.
Here are some other things that make my list:
1. Pre-wire for ceiling fans! While the fixtures themselves are not so important, the wiring is. Here in the greater Charleston area, people expect to see homes with ceiling fans in each bedroom and the main living area at least. Even if you only put in an overhead light for the time being, future buyers would want to know that the home has been pre-wired for ceiling fans. (Same thing for wiring for the garage door opener.)
2. Which brings me to the next thing...don't pay to upgrade to the lighting/fans unless you really love what the builder is offering. Light fixtures are so inexpensive to do on your own and the big chain stores and specialty stores means many more choices.
3. Flooring...here's a big one...this is definitely much more of a personal choice. Wood floors, real tile and upgraded carpet are always going to give you better resale value later on. However, this is something you can add later as well. My feeling is that if it means getting another upgrade you deem more important or if it puts affording your new home out of reach, then get the builder grade flooring now and upgrade later.
4. A separate tub and shower in the master bedroom is a must. It's pretty much expected in many newer homes and a lot of people want that garden tub. Does it need jets? Not in my opinion, but a tub someone can actually fit in comfortably and soak in definitely is! Also, if you have the space, opt for dual sinks in the master. This can be a deal breaker for a lot of couples.
5. Don't under estimate the value of your lot. Springing for the bigger lot premium could definitely be worth it if it means your home will back to protected areas, be a little larger than the others or offer more privacy in other ways. Also consider if you are right next to the subdivision entrance or on the main thoroughfare or near a busy road. You'll have better resale value if you keep to quieter streets and/or find that cul-de-sac lot that so many families love.
I think you get the idea. So let me touch on one other important issue when buying a new home here in Summerville, SC.
Do you need your own agent representation?
The answer is yes, at least if you live in South Carolina where buyer's have the ability to "hire" their own agent under SC Buyer Agency rules.
I "rescued" one buyer from a deal with a new home builder because they went in to the sales office without having their own agent. This person thought the binder he was putting down on the lot was just to hold it until he could definitively make up his mind. But the sales agent had him sign all the paperwork and without realizing it, he ended up in a contract to purchase.
Keep in mind that the on site sales agent works for the builder. They want to sell you a home. And while I know many of these sales agents personally and know them to be honest and reputable, wouldn't it be good to know that you have your own agent looking out for your best interests? That's not to say that you can't go it on your own, but with Buyer's Agency representation free to the buyer, why wouldn't you at least consider it?
That's my short answer. For more information regarding how Buyer's Agency works in South Carolina, visit http://www.mariapettis.com/Home_Buyers/page_2154263.html or contact me directly for an in-depth explanation.
In a Nutshell
When buying a new home in a new development keep in mind the upgrades that are easy to do later and opt for the ones that would difficult or expensive if you were to do it yourself down the road. Think about resale value and what other potential buyers might look for to help guide your decisions. And when in doubt, consult an independent agent who can offer you suggestions and advise you through the entire process.
Maria Pettis
http://www.mariapettis.com/
(843) 860-3901
Century 21 Properties Plus
Summerville, SC
